Standard & Poor's Financial Services LLC

When the three major Wall Street bond rating agencies reaffirmed Maryland's AAA rating last week, Gov. Martin O'Malley issued a news release crediting his administration's "fiscally responsible approach" to budgeting. Given the extent to which Mr. O'Malley's fiscal stewardship has come under attack during the race to succeed him — even in the Democratic primary — that may strike many Marylanders as laughable. But the agencies' letters explaining their decisions are worth a closer look for what they say about the state's underlying fiscal strength and the ways Mr. O'Malley has improved it. An important thing to bear in mind...

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